This blog will go on for months to come to weed out Corporate misconducts as a service to the taxpayers and Malaysians in general.

Say No To Hudud

Sunday, January 2, 2011

Part 3 - PwC is hiding fraud, here is the evidence.

We once again address some questions to Mr Paul Boorman, the Global Leader - Operations, who oversees the PwC Global Operational network, and to Dr Coenraad Van Beek, the Global Leader for Ethics and Business Conduct in PricewaterhouseCoopers.

Mr Paul Boorman, Global Leader -Operations for PwC

Dr Coenraad Van Beek, Global Leader for Ethics and Business Conduct

Gentlemen, on the 6th of January, 2000, the staff of the Securities and Exchange Commission made public this reportby independent consultant Jess Fardella.

According to the independent consultant's report, PwC acknowledges that the review
disclosed widespread independence non-compliance that reflected serious structural and cultural problems in the firm.

Prior to the acquisition by IBM Corporation of PwC's Global Consulting Business, the SEC announced a settled enforcementaction against PricewaterhouseCoopers (PwC) for another rash of alleged auditor-independence violations. PwC settled these charges without admitting guilt for a $5 millionfine and a promise to improve certain internal procedures.

We have two promises so far to improve internal procedures in PwC.

Subsequent to the acquisition, Congressman Edward Markey blasted the Securities and Exchange Commission (SEC) for its "dead wrong" decision to allow IBM to keep PricewaterhouseCoopers as its auditor.

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According to the EEC's Article of non opposition to the acquisition, " IBM will, through the notified transaction, purchase substantially all of PwC's global management consulting and technology business from the relevant local firm on a country by country basis".

In light of the continuing fraud perpetrated by PwCin Malaysia with regards to the non disposal of PricewaterhouseCoopers Consulting SdnBhd (464379-U) to IBM Corp, when PricewaterhouseCoopersLLP sold its global management consulting and technology services business to IBM Corp back in 2002, how have the internal procedures in PwC been improved so far?

How does the renaming of PricewaterhouseCoopers Consulting (East Asia) SdnBhd, to PwC Consulting SdnBhd (289801-A), the appointments of "sham Directors" who have never had anything to do with the PwC Consulting business into that company, and its subsequent sale to IBM valid, when the contingent liabilities were kept hidden in the real consulting arm of PwC in Malaysia, namely PricewaterhouseCoopers Consulting SdnBhd (464379-U). How can any of this exhibit an improvement in internal procedures?

How can the continued Audits of IBM in Malaysia by PwC be allowed, when even back in 2002 Congressman Edward Markey blasted it as a 'dead wrong' decision, and here we have the Senior Partners in PwC Malaysia remaining as the Directors and shareholders of the consulting company, PricewaterhouseCoopers Consulting SdnBhd (464379-U), which should now be under IBM?

How does the appointment of tainted auditors, to audit the books for PricewaterhouseCoopers Consulting SdnBhd (464379-U), by the Senior partners of the largest audit firm in the country, and one of the big 4 in the world, which has time and again made promises to improve its internal procedures, be something that can be considered acceptable in any way, manner or form?

How has the EEC's Article of non-opposition, in addition to the no-action letter issued by the SEC not been vitiated by the actions of the Country Managing partner, Mr Chin KwaiFatt & Co, with regards to PricewaterhouseCoopers Consulting SdnBhd (464379-U), remaining under him and his cohorts?

Gentlemen, time is of the essence, we believe that you are aware that this questions are being read around the world. How can there be continued silence in face of the irrefutable evidence of fraud perpetrated by PwC in Malaysia, when the world has seen time and again that PwC has promised to improve itself whenever questions have been asked of its conduct.